Monthly Market Update - October
Home owners took a cautious approach throughout October, with listing numbers remaining steady in a season where we usually see a surge in properties coming to the market. Buyers continue to be very active on the back of attractive interest rates and the return of housing market confidence. Of particular note were our full auction rooms with strong bidding activity culminating in very successful property sales.
The median house price for Christchurch City increased slightly from last month, up to $479,000 and setting a record high. When you factor in supply and demand issues, the median Christchurch house price looks destined to climb. First home buyers remain active but are now facing strong competition from investors returning to the market. Investors are opting to place their cash in bricks and mortar, believing that rising rental yields and capital gains will bode well for them in the long-term. As expected, days on market decreased to 34 days due to buyer activity, resulting in a total of 632 sales.
The feeling out in the market is that 2019 will finish strongly with an anticipated lift in November as confidence builds. Of course property listings are the lifeblood of any real estate business and the volume of listings coming into Harcourts from across the city continues to track well. Harcourts remains the preferred real estate company in Christchurch, with close to every second new property to the market being listed by your city’s favourite real estate brand.